I would like to offer one important caveat for this type of sling. I've made these before for certain tasks. They must be used with caution.
With a standard whoopie sling, with a light load on the rope, you can't adjust the sling no matter what you do. The load pinches down on the adjustable part from both ends.
With the design shown in this thread, you can fully load the sling, then just gently nudge the adjustable part and the sling will extend...while still fully loaded.
I don't think that would ever occur when used as an adjustable false crotch, since in use, the sling never moves. But as a spider leg balancer, the sling is being moved around the trees, being lowered and raised. Something bad could happen.
Other than that- neat idea! I tried this for a climbing hitch once. It worked, but was a little jerky. Also it was impractible as it needed to be loaded at the end of the line. It could not be removed during the climb.
love
nick